New General Resolution of the CNV on Tokenization

On June 11, following the public consultation process initiated through General Resolution No. 1060, the National Securities Commission (Comisión Nacional de Valores, CNV) approved General Resolution No. 1069 (the “Resolution”), which regulates the tokenization regime for so-called Real World Assets (“Real World Assets”).

The Resolution establishes the regulation of a tokenization regime for Financial Trusts and Closed-End Investment Funds with a public offering composed of real-world assets within the framework of Law No. 27,739. In this context, it incorporates the possibility of digitally representing negotiable securities through the use of Distributed Ledger Technologies (“DLT”) as a particular category within the tokenization framework. This modality is now recognized as an additional form of representation of negotiable securities alongside existing ones.

This measure constitutes the first stage of implementing the regulations proposed in General Resolution No. 1060, which was subject to public consultation. According to the provisions, the digital representations of negotiable securities will be traded on platforms of Virtual Asset Service Providers (“VASPs”) registered with the CNV.

Negotiable securities must be issued in physical or book-entry form and deposited with a Central Securities Depository Agent (“ADCVN”), being registered in the name of one or more registered holders, who must be one or more VASPs. These VASPs shall not transfer or make use of such negotiable securities, which will be deposited in a special account and immobilized in the ADCVN’s records for their digital representation, without the need for quotation or trading on authorized markets.

The regime will be implemented under a regulatory sandbox for a period of one (1) year, during which issuances under this framework may be carried out. After this period, no new issuances will be admitted.

This regulation came into effect on June 12, 2025.

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